Baird Financial Group Inc. Has $155,000 Stake in Permian Resources Co. (NYSE:PR)

Baird Financial Group Inc. reduced its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 67.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,811 shares of the company's stock after selling 22,325 shares during the quarter. Baird Financial Group Inc.'s holdings in Permian Resources were worth $155,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at $431,676,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after buying an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of Permian Resources during the 4th quarter valued at $57,114,000. Finally, Invesco Ltd. boosted its holdings in shares of Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after buying an additional 2,845,449 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Piper Sandler reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. UBS Group increased their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. The Goldman Sachs Group increased their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. Finally, Raymond James reiterated a "strong-buy" rating and set a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.56.

Permian Resources Trading Down 1.1%

Shares of NYSE:PR traded down $0.14 during midday trading on Friday, reaching $12.71. The company had a trading volume of 6,310,562 shares, compared to its average volume of 9,691,058. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $16.95. The firm has a market cap of $10.21 billion, a price-to-earnings ratio of 7.70, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The company has a fifty day simple moving average of $12.55 and a two-hundred day simple moving average of $13.88.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 earnings per share. Research analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's dividend payout ratio is 37.04%.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William J. Quinn acquired 500,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the acquisition, the director now owns 812,429 shares of the company's stock, valued at $10,618,447.03. This represents a 160.04% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 in the last 90 days. 6.44% of the stock is owned by corporate insiders.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.